2 weeks Ago By Defense World Staff
Cemtrex Inc. (NASDAQ: CETX) has recently disclosed a reverse stock split intended to address continued listing requirements on the Nasdaq Capital Market. The decision, approved by the Company’s Board of Directors, entails a reverse stock split of the issued and outstanding shares of common stock at a ratio of 1-for-35.
The reverse stock split is set to be effective on Tuesday, November 26, 2024, at 12:01 a.m. Eastern Time.
The Company’s stockholders had previously sanctioned the reverse split through a written consent on October 17, 2024, allowing the Board to determine the specific ratio within a fixed range. By implementing the reverse split, Cemtrex aims to boost the closing bid price of the Common Stock above $1 per share, as mandated by Nasdaq Listing Rule 5550(a)(2). The Company believes that this action will pave the way to maintain its Nasdaq listing, provided the closing bid price remains above $1 per share for at least ten consecutive business days.
Effective as of the planned date, the reverse split will result in adjustments such as a change in the CUSIP number for the Common Stock, while the trading symbol “CETX” will remain unchanged. The total number of shares held by each stockholder will be automatically converted proportional to the 1-for-35 ratio, with any fractional shares rounded up to the nearest whole share. In a filing with the Secretary of State of Delaware on November 21, 2024, Cemtrex submitted a Certificate of Amendment to its Certificate of Incorporation, setting the process in motion for the effectuation of the reverse split at the specified date and time.
The Company plans to comply with Nasdaq’s requirements and ensure a smooth transition post-reverse split. For further details, interested parties can refer to the official filings made available by Cemtrex Inc. through the Securities and Exchange Commission.
This move symbolizes Cemtrex’s commitment to upholding regulatory standards and fortifying its position in the market. Source: SEC Filing by Cemtrex Inc. on November 21, 2024.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Cemtrex’s 8K filing here . Cemtrex Company Profile ( Get Free Report ) Cemtrex, Inc operates as a technology company in the United States and internationally.
It operates through Security, Industrial Services, and Cemtrex Corporate segments. The company offers browser-based video monitoring and analytics-based recognition systems, cameras, servers, and access control systems for security and surveillance in industrial and commercial facilities, federal prisons, hospitals, universities, schools, and federal and state government offices; and provides critical security and video surveillance solutions utilizing artificial intelligence based data algorithms. Featured Stories Five stocks we like better than Cemtrex Stock Analyst Ratings and Canadian Analyst Ratings Why Palo Alto Networks’ Multi-Year Uptrend Is Far From Over Most active stocks: Dollar volume vs share volume 3 Rock-Solid Buying Opportunities in the Market Right Now Energy and Oil Stocks Explained TJX Companies Stock Poised to Hit a New High This Year.
